Quote:
Originally Posted by SleazyDream
yes - rent to own contract.
Jman was 5 months late on payments- at 3 months he lost everything in the contract
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Ok details needed.
So you bought the land and financed it with the bank, and then did a rent to own deal with him where he was buying it from you?
Did he give you a down payment? Is that where the 15K is coming from ? The contract said he paid "xxxx" amount each month and after "xxx" months he owned it? You collected the money from him, paid the bank each month and I assume made a little profit on the deal?
He didn't pay you for 5 months so he lost what he had invested ?
Did you ultimately lose the land to the bank?